Rank Group has finalized its acquisition deal and has closed the purchase deal with Stride Gaming. Last month the casino gambling operator had secured the necessary regulatory approval to go ahead with the acquisition.
Rank Group operates the popular Mecca Bingo and Grosvenor Casinos. Earlier in April this year, Grosvenor Casino in Leeds managed to get an extended gambling license to operate gambling machines in the outdoor smoking area.
In a statement on Friday, the gambling operator said that it now has acquired the entire issued ordinary share capital of Stride Gaming. The company had made a bid of £115.3m(€129.5m/$142.2m).
“Today marks a significant day for Rank,” Rank Group’s chief executive John O’Reilly said. “This acquisition delivers a proprietary technology platform and highly experienced team which will accelerate the transformation of Rank and create one of the UK’s leading online gaming businesses.
“Our focus now turns to ensuring we successfully integrate Stride into Rank and realise the potential of our new enlarged digital business.”
The gambling operator also said that the acquisition will help the company strategically cut costs and improve its performance across the sector.
The Rank Group had earlier said that following the acquisition the new entity would be generating a pro forma digital net gaming revenues of approximately £185m.